economy is improving. he took questions from reporters for about an hour. >> concluded a two-day meeting earlier today. based on its review of recent economic and financial developments, the committee seized the economy -- sees the economy continuing to grow at a moderate pace, notwithstanding the strong headwinds created by current fiscal policies. the labor market has continued to improve with gains in private payroll employment averaging about 200,000 jobs per month over the past six months. job gains, along with the strengthening housing market, have contributed to increases in consumer confidence and supported household spending. however, at 7.6%, the unemployment rate remains elevated, as do rates of underemployment and long-term unemployment. overall, the committee believes the downside risks to the outlook for the economy and labor market have diminished since the fall, but we will continue to evaluate economic conditions and risks as they evolve. inflation has been running below the committee's lo